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Former Member

Tax Account

Why we use 'Down Payment Tax Offset Acct' in G/L Account determinisation.

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  • Best Answer
    Oct 06, 2008 at 08:30 AM

    Hi,

    Purchase tab

    Down Payment Tax Offset Acct Select a default G/L account to use when creating an outgoing payment based on an A/P down payment request.

    Sales tab

    Down Payment Tax Offset Acct Select the G/L account to use when creating an incoming payment based on an A/R down payment request.

    Regards,

    Jitin

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    • Former Member

      Hi,

      The DownPayment is received before completion of work which cannot be accounted as our revenue which is our liability towards customer.

      when the work is completed we can withdraw the amount from liability to revenue.

      vise versa with purchase.

      Regards,

      Sandeep